As we enter the final quarter of 2021, the Central Indiana rental market continues to show strength.
If you are a regular reader of this blog, you may remember that the 2nd quarter of 2021 saw some record numbers in terms of:
1. Average rents (highest on record)
2. Number of overall homes leased (the lowest since we began tracking things back in 2012).
And while no new records were broken in Quarter 3 of 2021, the numbers still show an active and healthy rental market.
Quick Central Indiana Rental Market Overview
Rents in Indianapolis, while not at the record set last quarter of $1,296, were still strong at an average of $1,278 per month.
Meanwhile, the number of homes rented through our local MLS system were the highest this year at 547. That’s a nice jump from Q2’s 514 leased and even an increase in Q3, 2020, which saw 530 homes leased.
Days on market were also very strong at just 28, down from 32 in Q2.
T&H Realty Services’ Perspective
We began this quarter with unprecedented activity.
In July, we received more than 300 applications – a record month by quite a bit.
Part of that activity was generated by the nearly 40 homes we marketed for the month which, again, was a new record for us.
But, a big part was the mad scramble for people to find new homes prior to school beginning. We’ve talked in depth about the seasonality of our rental market here in Central Indiana, and this year it’s been no different.
As predicted, activity during the rest of the quarter slowed considerably and continues to be a bit tepid as we progress through the fourth quarter.
Our days on market continue to be very strong, reaching a year-low 13 in August.